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Westpac note that "bushfires are..........>

AUSTRALIA
- Bonds & Currency News | Market News" >
AUSTRALIA: Westpac note that "bushfires are currently affecting large parts of
south eastern Australia with elevated risk of further fires in coming weeks. We
estimate total losses to date are likely to be around $5bn - higher than the
2009 bushfires in Victoria but smaller than the Queensland floods in 2010-11.
The economic impact is highly uncertain. Activity in the most severely affected
areas accounts for around 1% of the Australian economy and is focussed on
agriculture and tourism. Initial indications suggest the main direct negative
impacts will be on local tourism activity with potential disruptions from smoke
pollution affecting the major capital cities. Indirect effects through a hit to
confidence and impacts on the wider tourism industry are much harder to assess
but could be similar in scale. Our balance we see a total GDP impact of
0.2-0.5%."
- Bonds & Currency News | Market News" >
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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